Summary of Chuanhuan Technology Conference Call Company Overview - **Company**: Chuanhuan Technology - **Industry**: Liquid Cooling Solutions, Automotive Components Key Points Business Expansion and Revenue Growth - Chuanhuan Technology is actively expanding its liquid cooling pipeline business, collaborating with suppliers such as Electric, Feirongda, and Baode Huannan, and entering markets including energy storage, data centers, rail transportation, oil and gas exploration, and shipping [2][3] - In the first half of 2025, the company reported revenue close to 700 million RMB, an approximate 8% year-on-year increase, with net profit attributable to shareholders around 100 million RMB, remaining stable year-on-year [2][4] - The revenue for Q2 2025 reached 372 million RMB, showing nearly a 10% year-on-year increase and an 18% quarter-on-quarter increase [5] Profitability Metrics - The gross margin for the company is approximately 25%, while the net profit margin is around 14% [5] - The automotive thermal management business is the primary contributor to the company's performance in the first half of the year, aligning with the growth of new energy vehicles and pricing pressures in automotive components [2][5] Market Position and Competitive Advantage - Chuanhuan Technology holds a leading position in the server liquid cooling EPDM pipeline market, benefiting from its experience in new energy vehicle thermal management components and early collaborations with international liquid cooling system giants [2][6] - The company has established strong partnerships with several leading new energy vehicle manufacturers, demonstrating robust cost control capabilities and early engagement with international liquid cooling system manufacturers [6] Future Growth Projections - The company anticipates a compound annual growth rate (CAGR) of approximately 20% in revenue over the next few years, with profit growth expected to reach a CAGR of 25% to 30%, driven by the growth of new energy vehicles and export business, as well as contributions from the liquid cooling business [4][7] - By 2030, the global liquid cooling market for data centers and high-end servers is projected to exceed 100 billion RMB, with Chuanhuan's expertise in EPDM pipelines expected to capture a significant share [4][8] Market Outlook - The overall liquid cooling market is expected to reach 200 billion RMB by 2030, with rapid penetration of liquid cooling in both overseas and domestic computing power sectors [8] - If Chuanhuan Technology successfully enters additional niche markets, such as UQD quick-connect fittings and cold plates, the market potential will further expand [8]

Group 1 - The company held an online investor meeting on September 12, 2025, to discuss its semi-annual report and performance, with active participation from investors [1] - Key personnel present included Chairman Wen Qichao, Secretary Zhou Xianhua, and CFO Luo Ying, indicating a high level of engagement from the company's leadership [1] - The meeting was conducted on the "Investor Relations Interactive Platform" and focused on the company's performance and future strategies [1] Group 2 - During the meeting, the company addressed inquiries regarding its collaboration with clients, specifically mentioning that its pipeline products have entered the CoolerMaster supplier system and are undergoing product development [2] - The company is actively promoting its advantageous products to potential clients, although it refrained from disclosing information about other suppliers for CoolerMaster and AVC due to confidentiality [2] - The company is optimizing personnel configuration in response to the growing market demand for its pipeline products, indicating a strategic approach to production based on customer orders [2] Group 3 - The company has over 30 years of experience in rubber pipeline material formulation and manufacturing, achieving V0 level standards and UL certification for its liquid cooling server pipeline products [3] - The company is focusing on promoting and developing liquid cooling products in key areas such as data server cooling, energy storage cooling, and automotive fluid pipelines [3] - Safety measures are being implemented across departments to enhance production safety, including education, preventive checks, and cross-checking [3]

Group 1: Company Partnerships and Collaborations - The company has entered the supplier system of CoolerMaster and is currently developing products according to customer processes [2][49] - The company is actively promoting its self-developed products to potential clients in the liquid cooling field, including CoolerMaster, AVC, and others [3][10][29] Group 2: Production and Capacity - The new factory is expected to be fully operational by the end of 2024, which will support the company's production capacity [46] - The company operates on a made-to-order production model, aligning production with customer orders [14][16] Group 3: Market Position and Competitiveness - The company has over 30 years of experience in rubber pipeline formulation and manufacturing, which enhances its competitive edge [11][39] - The liquid cooling server pipeline products have achieved V0 level standards and have received UL certification [9][39] Group 4: Financial Performance and Future Outlook - The revenue from server liquid cooling products currently constitutes a relatively small proportion of the company's total income [12] - The company aims to enhance its market share and product quality in the liquid cooling sector through focused R&D efforts [23][12] Group 5: Customer Engagement and Order Management - The company is closely monitoring customer order demands and is prepared to adjust production plans accordingly [18][14] - The company is in the process of promoting its liquid cooling connectors and is seeking more potential collaboration opportunities [21][41]

Market Performance - The automotive parts sector increased by 1.73% on September 11, with Longsheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] Top Gainers in Automotive Parts Sector - Longsheng Technology (300680) closed at 52.56, up 10.98% with a trading volume of 244,400 shares and a turnover of 1.234 billion [1] - Dengyun Co., Ltd. (002715) closed at 24.09, up 10.00% with a trading volume of 125,500 shares and a turnover of 293 million [1] - New Spring Co., Ltd. (603179) closed at 69.15, up 8.64% with a trading volume of 356,600 shares and a turnover of 2.421 billion [1] Market Capital Flow - The automotive parts sector experienced a net outflow of 1.464 billion from institutional investors, while retail investors saw a net inflow of 2.209 billion [2][3] - The top stocks with significant net inflows from retail investors include New Spring Co., Ltd. (623.87 million) and Zhejiang Xiantong (623.87 million) [3] Notable Decliners - Huayang Transmission (839946) closed at 10.83, down 5.83% with a trading volume of 210,200 shares and a turnover of 227 million [2] - Wangcheng Technology (830896) closed at 23.87, down 4.14% with a trading volume of 57,900 shares and a turnover of 138 million [2]

Group 1 - The core viewpoint of the article is that Chuanhuan Technology (300547) is focusing on expanding the application scenarios of its liquid cooling pipeline products in key areas such as automotive fluid pipelines, data server liquid cooling, and energy storage liquid cooling [1] - The company produces a series of rubber and plastic pipeline products that can be used in various fields including vehicle terminals, energy storage, and data servers [1] - The company aims to continuously enhance its customer service capabilities and market competitiveness in the aforementioned core areas [1]

Group 1 - The company Chuanhuan Technology announced the completion of the share reduction plan by several individuals, including Wen Qichao, Wen Jianshu, Wen Xiulan, Wen Xiuqiong, Jiang Qingchun, and Mao Bohai [1] - The reduction period lasted for three months after the pre-disclosure, during which a total of 2,366,100 shares were sold through centralized bidding [1] - The total shares reduced accounted for 1.0943% of the total share capital after excluding the company's repurchased special securities account [1]

证券代码：300547 证券简称：川环科技 公告编号：2025-027 四川川环科技股份有限公司 关于股东股份减持计划期限届满暨实施情况的公告 注：如出现各分项与合计项小数尾数不相符现象，是由于四舍五入原因。 | | | 本次减持前持有股份 | 占剔除公司 | | 本次减持后持有股份 | | --- | --- | --- | --- | --- | --- | | 股东名 | | | | | 占剔除公司回 | | | 股份性质 | | 回购账户后 | | | | 称 | | 股数（股） | 总股本比例 | 股数（股） | 购账户后总股 | | | | | | | 本比例(%) | | | | | (%) | | | | 文琦超 | 持股合计 其中：无限售条 | 18,109,571 4,527,393 | 8.3753 2.0938 | 17,569,771 3,987,593 | 8.1256 1.8442 | | | 件股份 | | | | | | | 有限售条件股份 | 13,582,178 | 6.2815 | 13,582,178 | 6.2815 | | 文建树 | 持股合计 | 24,255, ...

证券代码：300547 证券简称：川环科技 公告编号：2025-026 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 为进一步加强与投资者的互动交流，四川川环科技股份有限公司（以下简称 "公司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的"四 川辖区 2025 年投资者网上集体接待日及半年度报告业绩说明会"活动，现将相关 事项公告如下： 本 次 活 动将 采 用 网 络 远 程的 方 式 举 行 ， 投资 者 可 登 录" 全 景 路 演" （https://rs.p5w.net）参与本次互动交流，活动时间为 2025 年 9 月 12 日（周五） 14:00-17:00。届时公司董事长文琦超先生、董秘周贤华先生、财务总监罗英女士 将在线就公司 2024 年度及 2025 年半年度业绩、公司治理、发展战略、经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告！ 四川川环科技股份有限公司董事会 2025 年 9 月 8 日 四川川环科技股份有限公司 关于参加四川辖区2025 ...

Core Viewpoint - Chuanhuan Technology (300547.SZ) focuses on the production of rubber and plastic pipeline products applicable in automotive, energy storage, and data server sectors [1] Group 1 - The company produces rubber and plastic pipeline products that can be utilized in vehicle terminals, energy storage, and data servers [1] - Future strategies include continuous focus on expanding the application scenarios of liquid cooling pipeline products [1] - The company aims to deepen its efforts in core areas such as automotive fluid pipelines, liquid cooling for data servers, and liquid cooling for energy storage [1]

Core Viewpoint - Chuanhuan Technology (300547.SZ) is focusing on the development of pipeline series products applicable in automotive, energy storage liquid cooling, and data server liquid cooling sectors, aiming to enhance product advantages across multiple fields [1] Group 1 - The company plans to steadily advance its core technologies to create product advantages [1] - Continuous improvement of the research and development management system is a priority for the company [1] - The company aims to enhance innovation capabilities and increase product market competitiveness and operational efficiency [1] - The ultimate goal is to create value for shareholders [1]